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Economy in Brief
German PPI Falls and the Trend Continues to Deteriorate
While conservative central bankers continue to worry about the prospect for inflation to surge, global inflation reports continue to undershoot these fears...
U.S. Factory Orders Inch Higher; Shipments Fall Again
Manufacturers' orders gained 0.1% (4.2% y/y) during January...
U.S. Gasoline & Crude Oil Prices Continue to Rise
Retail gasoline prices increased to $2.55 per gallon (-1.9% y/y)...
ZEW's Global Assessments Remain Weak
ZEW survey expectations curled higher this month but continued to stake out very weak readings...
U.S. Home Builder Sentiment Remains Improved
The NAHB-Wells Fargo Composite Housing Market Index held steady at 62 during March...
by Tom Moeller November 27, 2007
On average, retail gasoline prices last week held at the prior period's level of $3.10 per gallon, according to the US Department of Energy survey.
Divided by consumer prices other than energy, these gasoline prices are just below the high reached in 1981.
Yesterday, prices for spot WTI crude oil stood at $97.71 per barrel, down slightly from last week's average.
In perhaps a favorable sign for home heating bills this season, natural gas prices continued the move sideways at the high end of the recent $6.5 - $7.5 per mmbtu range (-0.3% y/y).
Gold prices continued to hover around the $800 per ounce level and the level surpassed the previous record price reached in early 1980.
Oil Shocks and Price Stability from the Federal Reserve Bank of St. Louis is available here.
| Weekly Prices | 11/26/07 | 11/19/07 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.10 | 3.10 | 37.9% | 2.57 | 2.27 | 1.85 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 98.83 | 91.18 | 70.3% | 61.11 | 58.16 | 41.78 |
| Gold: Handy & Harmon ($ per Troy Oz.) | $795.50 | $804.25 | 27.4% | 628.70 | $507.40 | $443.40 |
